https://www.taxtmi.com/caselaws?id=407846 The Tribunal upheld the reopening of assessments under section 147 due to valid reasons for believing income had escaped assessment. It rejected the inclusion of revised returns and audited accounts, directing fresh inquiries on receipts from M/s. NCCPL. The Tribunal set aside the additions made by the AO and CIT(A), instructing proper justification and verification of fund utilization. Ultimately, the Tribunal quashed the reopening, emphasizing the need for adherence to legal principles in reassessment proceedings and directed acceptance of the returned income if no concealed income was found. en-us Thu, 29 Apr 2021 00:00:00 +0530 Mon, 24 May 2021 08:37:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407846 The Tribunal upheld the reopening of assessments under section 147 due to valid reasons for believing income had escaped assessment. It rejected the inclusion of revised returns and audited accounts, directing fresh inquiries on receipts from M/s. NCCPL. The Tribunal set aside the additions made by the AO and CIT(A), instructing proper justification and verification of fund utilization. Ultimately, the Tribunal quashed the reopening, emphasizing the need for adherence to legal principles in reassessment proceedings and directed acceptance of the returned income if no concealed income was found. Case-Laws Income Tax Thu, 29 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407846